$1 billion. Put into context, the average American net worth is $315,085. This is a one-of-a-kind transaction; at long last, a silver lining appears within one of the densest and most diverse regions of the country, the Bronx in New York City. On February 26th, 2024, the largest charitable donation to an educational institution in the United States was made by a 93-year-old widow.
The astonishing and extremely generous donation was made by Dr. Ruth Gottesman, a former professor at the Albert Einstein College of Medicine. She commenced her career at the university in 1968, and concentrated on the analysis of various scholastic learning disabilities, and in elaboration, she created a screening test and facilitated various literacy programs. Ultimately, she donated $1 billion in tuition to Einstein’s College of Medicine, making her responsible for expanding and improving the medical field opportunities for students. Her $1 billion financial assistance came from the fortune of her late husband, David “Sandy” Gottesman, who dedicated his career to taking the role as the apprentice of Warren Buffett and also made his own investment into Buffet’s “conglomerate” company, Berkshire Hathaway. While her husband was operating his own investment firm, Gottesman spent most if not all of her time at the College of Medicine, where she both dedicate her time to her research and held the title of Director of Psychoeducational Services. As a result of her academic contributions to the university, she has been an active participant on the board with Einstein’s most trusted figures and is currently the Director of the Board.
On February 26th, 2024, the 93-year-old widow donated a whopping $1 billion to a Bronx medical school, the Albert Einstein College of Medicine. Although she initially did not want to attach a name to the donation, saying “nobody needed to know”, her close friend, Dr. Ozuah encouraged the act. He believed others would find inspiration in her life and decision. Additionally, while other figures in the past have had their names included in the University in some major way after their donations, Gottesman insisted that the name of Albert Einstein College of Medicine remain, since “nothing can beat” the scientist it was named after.
The Albert Einstein College of Medicine is a private medical school located in the Bronx district of New York City. Ranked #42 best medical school nationally, the school was founded in 1953, with a current student body of 1,300. Although it is set in one of the most dangerous and violent cities in the world, the university is home to many scholars and bright students who excel in their respective medicinal fields. Upon hearing about the donation, the students gathered all celebrated with joy and gratitude.
As firm and astonishing as Gottesman’s $1 billion donation was, it consisted of overwhelming times of reflection from the moment she obtained the significant sum of money. According to The New York Times, after the passing of her late husband, she came into possession of the entire portfolio of Berkshire Hathaway stock, in which she was instructed to “Do whatever you think is right with it.” Once she was dedicated to determining the use of the given sum, she instantly knew how she wanted to utilize the money, as she remembered, “I want to fund students at Einstein so that they would receive free tuition.” She also added, “There was enough money in perpetuity.” Her idea was heavily encouraged by her dear friend and colleague, Dr. Ozuah, who is the pediatrician managing the medical college as well as its connected hospital, Montefiore Medical Center and the head executive of the health system. Gottesman’s idea was inspired by the interviews she has conducted throughout the years with numerous medical students in Einstein University. Students’ tuition is at least $59,000, and about 50% of the student body owes more than $200,000 after graduating. Overall, Gottesman’s desire is for future generations of students to be able to proceed in their professions without the overbearing weight of student debt, as well as to expand the field of interest for all striving doctors to embark on their journeys into medical school. As she additionally commented, “We have terrific medical students, but this will open it up for many other students whose economic status is such that they wouldn’t even think about going to medical school.”
While this donation is already extremely impressive in the money that it brings to the table, the true surprise was waiting for the students of the academy as they filed into the college’s auditorium, waiting for Gottesman’s speech. Her $1 billion donation ensured that no student would ever have to pay the tuition fee ever again. For her significant contribution to both the families of the students, she was awarded with a heartfelt standing ovation.
Her charitable act leads to the development and growth of each of the bright medical students who may impact society in the future. Her money was used to inspire the growth of the next generation, which may affect the world in ways she may not even realize, and engraving her very own name into history.
